Key Takeaways
- Average loan size: $175K
- Approval rate: 74% for qualified applicants
- Typical funding timeline: 5-10 Days
- Average borrower revenue: $680K
- Check your Bankability Score to see personalized options
A trucking business loan is a financing product built for owner-operators, fleet owners, and logistics companies navigating the capital-intensive realities of the transportation industry. From purchasing a $150K Class 8 tractor to covering fuel costs across a 2,000-mile haul, trucking businesses face constant capital demands that traditional banks rarely understand. Bankable connects carriers with lenders who evaluate your per-mile revenue, load consistency, and MC authority—not just your FICO score.
Industry Challenges
- High upfront costs for trucks ($120K-$180K per unit) and trailers ($30K-$60K)
- Fuel costs consuming 30-40% of gross revenue with volatile pricing
- Broker payment delays of 30-45 days creating persistent cash flow gaps
- Insurance premiums of $12K-$20K per truck annually, often due upfront
- Maintenance and repair costs averaging $15K-$20K per truck per year
- ELD mandates and compliance costs adding operational overhead
Funding Solutions
- Semi Truck Financing: Purchase new or used Class 8 trucks with 85-100% financing. Terms from 3-7 years with rates starting at 6.5%.
- Freight Factoring: Convert unpaid invoices to cash within 24 hours at 1.5-5% discount rates. No long-term contracts required.
- Working Capital Loans: $25K-$500K for fuel, insurance, permits, and operational costs. Fast approval based on bank deposits.
- Equipment Financing: Fund trailers, reefer units, GPS systems, and shop equipment with the asset as collateral.
- Fleet Expansion Lines: Revolving credit specifically structured for adding trucks and drivers to your operation.
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Explore →Frequently Asked Questions
Yes. Owner-operators with at least 1 year of verifiable driving experience and $50K+ in annual revenue can qualify for semi truck financing. Down payments typically range from 10-20% depending on credit score and the truck's age.
Freight factoring converts your unpaid broker invoices into immediate cash. You deliver a load, submit the invoice to the factoring company, and receive 85-95% of the invoice value within 24 hours. The factor collects from the broker and sends you the remainder minus their fee (1.5-5%).
Startup costs typically range from $15K-$30K for an owner-operator (down payment, insurance, permits, MC authority) to $100K-$300K for a small fleet. Bankable helps new carriers access the right financing to minimize out-of-pocket costs.
Not necessarily. You can finance equipment while leased to a carrier. However, having your own MC authority and 6+ months of operating history significantly improves your approval odds and available terms.
Minimum 600 for most truck financing programs. Scores above 680 unlock the best rates (6.5-9%). Below 600, you may still qualify with a larger down payment (20-30%) or a co-signer.